Vegetarian festival expected to boost Thai economy with record high spending

The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is attributed to the increased consumer confidence in the economy.

Thanavath stated, “Both individuals and entrepreneurs are optimistic about the improved economic conditions, partially due to the government’s economic stimulus measures, while the majority of the entrepreneurs surveyed are of the belief that the Thai economy this year should experience a growth of around 2.5% to 3%.”

The UTCC conducted a survey gathering the views of 1,280 respondents nationwide on their spending intentions…